African central bank governors revive vision for continental monetary integration {Business Africa}

CAMEROON: Africa pushes toward a single central bank

At a major summit held in Yaoundé, 41 central bank governors from across the continent gathered to discuss climate-related financial risks and strengthen monetary cooperation. The meeting also re-energized plans for deeper integration under the African Monetary Institute (AMI), which is expected to pave the way for the African Central Bank by 2026.

Leaders emphasized the growing urgency of coordinated financial governance as climate impacts—ranging from droughts to floods—place increasing pressure on national budgets and banking systems.

While the continent remains diverse in its macroeconomic realities, the renewed momentum reflects a shared commitment to long-term stability, resilience, and unified economic strategy.

Zambia Secures First Credit Upgrade in Five Years, Signaling a Path Toward Stability

After years of battling debt distress, Zambia has secured its first credit rating upgrade from S&P Global Ratings since August 2019—an important milestone for a country that defaulted on its external debt in 2020.

S&P raised Zambia’s sovereign rating to CCC+, citing progress in debt restructuring and improved macroeconomic management. The move marks a cautious but meaningful return of investor confidence and could help unlock new financing opportunities.

To unpack the significance of the upgrade, credit ratings expert Stanislas ZEZE, CEO of Bloomfield Investment Corporation, offered key insights.

He notes that an improved rating could help Zambia attract more foreign investment, particularly in capital-intensive sectors such as energy, mining, and infrastructure. With greater clarity on Zambia’s debt sustainability, investors are more likely to engage in long-term projects that require predictable financial conditions.

ZEZE also highlights a broader lesson for African economies like Cote d'Ivoire: political commitment and transparency in the restructuring process are essential for speeding up negotiations with creditors.

Another major point is the importance of securing local-currency credit ratings, which many African nations continue to overlook. A local-currency rating helps governments raise funds domestically, reduces exposure to exchange-rate volatility, and supports the development of deeper capital markets—critical tools for long-term financial independence.

Ghana’s Festive Season Slows as Inflation and Weak Cedi Hit Shoppers

As the Christmas season approaches, markets in Ghana are unusually subdued. Rising inflation and a weakening cedi have driven up the cost of goods, forcing many families to scale back holiday spending.

Traders in Accra and Kumasi report fewer customers and lower sales volumes compared to previous years. For many households, essentials such as rice, poultry, cooking oil, and imported goods have surged in price—putting strain on budgets already stretched by transport and rent costs.

The subdued spending is raising concerns among local businesses, many of which rely heavily on year-end sales to stay afloat. For now, both traders and shoppers are hoping for some relief as the government continues efforts to stabilize the currency and manage inflationary pressures.